Texas Insurance Code

§ 424.111 — POOLING AGREEMENT PROVISIONS

IN § 424.111Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 424. INVESTMENTS FOR CERTAIN INSURERS · Art. C. INVESTMENT POOLS

Statute text

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The pooling agreement for an investment pool must provide that:

(1)100 percent of the ownership interests in the pool must at all times be held by:

(A)an insurer and the insurer's affiliated insurers;

(B)for a pool investing solely in investments authorized under Section 424.104, the insurer and the insurer's subsidiaries and affiliates or any pension or profit-sharing plan of the insurer and the insurer's subsidiaries and affiliates; or

(C)for a United States branch of an alien insurer, subsidiaries or affiliates of the insurer's United States manager;

(2)the pool's underlying assets are held solely for the benefit of each participant and may not be commingled with the general assets of the pool manager or any other person;

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.